Common use of Specific undertakings regarding Negotiable Instruments Clause in Contracts

Specific undertakings regarding Negotiable Instruments. Until the full satisfaction of all the obligations owed to the Bank under any Financing Document, the Borrower, for itself, undertakes to perform the following obligations appropriately and in due time: (a) Nullity or invalidity: if any Negotiable Instrument discounted by the Bank is declared null or becomes in any way invalid or can no longer be enforced, the Borrower shall: (i) immediately notify the Bank on the existence of such situation; (ii) replace the relevant Negotiable Instrument by a new, valid and enforceable Negotiable Instrument, at the Bank’s request; and (iii) send the Bank the original of the new Negotiable Instrument within 3 (three) Business Days as of the issuance date thereof, at the Bank’s request. (b) Full title: it shall take all the measures and execute any further documents as requested by the Bank at any time in view of an effective vesting of the Bank with full title on the Negotiable Instruments; (c) Material adverse effect: it shall immediately notify the Bank on all the facts and circumstances that it suspects or of which it became aware in any way and which could have a material adverse effect on the Bank’s rights and interests under any discounted Negotiable Instruments, and in particular in relation to any request made by an issuer or drawee to extend any payment term or any dispute or claim which could arise between the Borrower and/or an issuer and/or a drawee in relation to a discounted Negotiable Instrument or an agreement under which such Negotiable Instrument was issued;

Specific undertakings regarding Negotiable Instruments. Until the full satisfaction of all the obligations owed to the Bank under any Financing Document, the Borrower, for itself, undertakes to perform the following obligations appropriately and in due time: (a) Nullity or invalidity: if any Negotiable Instrument discounted by the Bank is declared null or becomes in any way invalid or can no longer be enforced, the Borrower shall: (i) immediately notify the Bank on the existence of such situation; (ii) replace the relevant Negotiable Instrument by a new, valid and enforceable Negotiable Instrument, at the Bank’s request; and (iii) send the Bank the original of the new Negotiable Instrument within 3 (three) Business Days as of the issuance date thereof, at the Bank’s request. (b) Full title: it shall take all the measures and execute any further documents as requested by the Bank at any time in view of an effective vesting of the Bank with full title on the Negotiable Instruments; (c) Material adverse effect: it shall immediately notify the Bank on all the facts and circumstances that it suspects or of which it became aware in any way and which could have a material adverse effect on the Bank’s rights and interests under any discounted forfeited Negotiable Instruments, and in particular in relation to any request made by an issuer or drawee to extend any payment term or any dispute or claim which could arise between the Borrower and/or an issuer and/or a drawee in relation to a discounted forfeited Negotiable Instrument or an agreement under which such Negotiable Instrument was issued;

Specific undertakings regarding Negotiable Instruments. Until the full satisfaction of all the obligations owed to the Bank under any Financing Document, the Borrower, for itself, undertakes to perform the following obligations appropriately and in due time: (a) Nullity or invalidity: if any Negotiable Instrument discounted by the Bank is declared null or becomes in any way invalid or can no longer be enforced, the Borrower shall: (i) immediately notify the Bank on the existence of such situation; (ii) replace the relevant Negotiable Instrument by a new, valid and enforceable Negotiable Instrument, at the Bank’s 's request; and (iii) send the Bank the original of the new Negotiable Instrument within 3 (three) Business Days as of the issuance date thereof, at the Bank’s 's request. (b) Full title: it shall take all the measures and execute any further documents as requested by the Bank at any time in view of an effective vesting of the Bank with full title on the Negotiable Instruments; (c) Material adverse effect: it shall immediately notify the Bank on all the facts and circumstances that it suspects or of which it became aware in any way and which could have a material adverse effect on the Bank’s 's rights and interests under any discounted forfeited Negotiable Instruments, and in particular in relation to any request made by an issuer or drawee to extend any payment term or any dispute or claim which could arise between the Borrower and/or an issuer and/or a drawee in relation to a discounted forfeited Negotiable Instrument or an agreement under which such Negotiable Instrument was issued;

Specific undertakings regarding Negotiable Instruments. Until the full satisfaction of all the obligations owed to the Bank under any Financing Document, the Borrower, for itself, undertakes to perform the following obligations appropriately and in due time: (a) Nullity or invalidity: if any Negotiable Instrument discounted by the Bank is declared null or becomes in any way invalid or can no longer be enforced, the Borrower shall: (i) immediately notify the Bank on the existence of such situation; (ii) replace the relevant Negotiable Instrument by a new, valid and enforceable Negotiable Instrument, at the Bank’s 's request; and (iii) send the Bank the original of the new Negotiable Instrument within 3 (three) Business Days as of the issuance date thereof, at the Bank’s 's request. (b) Full title: it shall take all the measures and execute any further documents as requested by the Bank at any time in view of an effective vesting of the Bank with full title on the Negotiable Instruments; (c) Material adverse effect: it shall immediately notify the Bank on all the facts and circumstances that it suspects or of which it became aware in any way and which could have a material adverse effect on the Bank’s 's rights and interests under any discounted Negotiable Instruments, and in particular in relation to any request made by an issuer or drawee to extend any payment term or any dispute or claim which could arise between the Borrower and/or an issuer and/or a drawee in relation to a discounted Negotiable Instrument or an agreement under which such Negotiable Instrument was issued;